Foreign finance firms flock to Xinyi

By Crystal Hsu  /  Staff Reporter

Fri, May 13, 2011 - Page 12

A growing number of foreign financial institutions are making Xinyi District (信義) their headquarters in Taiwan, a trend that took up more than 8,000 ping (26,466m2) of office space in the upscale commercial area in the first half.

Sinyi Realty Co (信義房屋) said yesterday that the trend countered relocations to suburban Neihu (內湖) and Nangang (南港) among major domestic technology firms to cut rental expenses following the financial crisis of 2008.

DBS bank, for instance, is to inaugurate its new headquarters in the district on Monday, with the Singaporean banking group’s chairman, Peter Seah (佘林發), flying to Taiwan to host the ceremony personally.

The bank, which aims to upgrade to a subsidiary from a branch in October, is leasing 2,500 ping of Grade-A office space on Songren Road (松仁路) after moving out of Nanjing E Road.

Allianz Taiwan Life Insurance Co (安聯人壽) will also relocate its headquarters to Xinyi District from Songshan District (松山) later this quarter. The German firm will use 2,000 ping of office space in a building owned by Sinyi Realty.

“The trend is earning the district the nickname of ‘Taipei’s Manhattan,’” said Michael Wang (王維宏), assistant manager at Sinyi’s asset management unit.

Wang said he expected more foreign and domestic financial institutions to base their headquarters in Xinyi District.